Venezuela Helped Build OPEC. Now It May Help Break It Apart
Venezuela is reportedly weighing a historic departure from OPEC, the cartel it co-founded in 1960 alongside Middle Eastern producers. Such a move would mark a profound geopolitical realignments for Caracas, driven by an appetite to revitalize its battered domestic hydrocarbon sector without cartel-imposed quota constraints. A formal exit, with tacit encouragement from Washington, would weaken OPEC's cohesion and set a precedent for resource-rich members seeking independent production pathways.
OilPrice · August 28, 2026
U.S. Oil Rig Count Falls by 5 as Gas Rigs Rise
The latest Baker Hughes data indicates a flat overall US drilling trajectory, with total active rigs holding steady at 588 despite divergent sector movements. A weekly decline of five oil-directed rigs was entirely offset by an increase in natural gas drilling units, reflecting nuanced capital deployment strategies across major shale basins. While the aggregate rig count remains 52 units higher than the corresponding period last year, operators continue to balance disciplined capital expenditure against fluctuating hydrocarbon prices and demand projections.
OilPrice · August 28, 2026